21-Oct-2026 08:04:26
Expansion
JEFFERIES ON IT SECTOR
• Selective P/E rerating possible despite uncertain IT sector growth outlook. • Meeting growth expectations without disappointments could support valuations. • Worsening sentiment around global AI capex could drive IT sector rerating. • Valuation upside likely capped beyond 17–18x P/E. JEFFERIES ON INFOSYS ; HOLD | TP ₹1,160 (EARLIER ₹1,020) JEFFERIES ON TCS ; UNDERPERFORM | TP ₹2,125 (EARLIER ₹1,800)